Beyond the Footsie: Thurs close

Shares in smaller companies ended firmer, but well behind their main list counterparts as individual stories took prominence over general trends. At the close, the FTSE Small Cap index was 16.3 points higher at 3,201.8, having moved between a session low of 3,067.9 and a high of 3187.7

IT services company Compel Group advanced 55p to 267 1/2p, as it rejected an approach from rival Computacenter at 275p a share. Compel said that it regarded the proposal as 'opportunistic, and one which significantly undervalues the company'.

Meanwhile, Ring, a distributor for the lighting, automotive, plumbing and gas markets, added 13 1/2p at 48 1/2p after it received a £21.9m recommended cash offer from US lampmaker Catalina at 50p a share. It also said that it continues to experience the same 'challenging trading conditions' it reported in its interim results 2 months ago.

Peel Holdings strengthened, up 125p at 630p, after it announced plans to return £80m to shareholders via a 700p per share tender offer, priced at a premium of 43.6% to the group's share price. The news came as the property group revealed it dived into the red in the year to March on the back of a £60m exceptional charge, posting pretax losses of £37.92m compared to profits last year of £18.53m.

Technology stocks showed some strength in tandem with the larger markets. New issue semiconductor stock Parthus added 33p at 193 1/2p. Delcam advanced 27 1/2p at 195p on a statement released today that it is 'confident' it will show further gains in market share during this year. The company also said it has been confirmed as the leading international supplier of computer-aided manufacturing software to the mould, tool and die industry in the latest report published by CIMdata, the US consulting and market research group.

The most spectacular fall was registered by engineering concern Billam, which restarted trading on AIM following its suspension after it called in the receivers. PriceWaterhouseCoopers said last month that its shares were 'of negligible value', after the group lost control of its accounting records during 1988 which created major damage to its working capital. Shares fell back 36p to trade at a single penny on reinclusion, with some £20m changing hands after the bulletin boards picked up on their availability.

Xenova group also decreased 26 1/2p at 76p, after the biotech company unveiled mixed results from trials of its XR5000 anti-cancer drug.

Express Dairies slipped 9p at 77p as it reported full year profits hit by an exceptional charge of £30.9m, which reduced pretax profits to £7.1m. Results also reduced advertising agency 10 Group, which reported widening losses to £1.1m from £981,000 in 1998. Its shares fell 0.19p at 2.37p as a result.